Churchill Capital Corp. II Pricing Their $400 Million SPAC Thursday
by Kristi Marvin on 2019-06-25 at 10:04am

Churchill Capital Corp. II (CCX.U), which filed a new S-1/A this morning, is expected to price their $400 million SPAC Thursday evening, for trading Friday, June 28th.  Michael Klein, will once again be leading as Chairman of the Board of Directors along with his deep bench of “Operating Partners“.

Churchill II promises to be a heavily in demand deal, so there’s a real question of whether they up-size or not.  If you recall, Churchill I, started at $400 million as well, and then increased their deal-size to $450 million.  They then further up-sized to $600 million and subsequently did a full over-allotment to top out at $690 million.  However, Churchill I’s day-one unit closing price was only $10.05.  Up-sizes tend to suck the air out of the demand balloon and can impact day-one trading.  However, given the success of Churchill’s combination with Clarivate, even if Churchill II does up-size, the unit should still out-perform Churchill I, as far as trading.  Additionally, the trend has been for slightly smaller sized SPACs, so perhaps a more modest final gross proceeds raised is on the table.

There were no changes to the terms, however, the symbols have now been added (CCX.U, CCX, and CCX.WS). Additionally, B. Riley FBR has been added to the cover as a co-manager.

This SPAC (when priced) will make it number 28 for 2019’s year-to-date count and push total gross proceeds to $6.6 billion, assuming no up-sizes.

Summary of terms below:

 

Churchill II terms 6-25-19

 

Recent Posts
by Nicholas Alan Clayton on 2024-03-28 at 1:35pm

News and Rumors PR: Bannix (NASDAQ:BNIX) has provided more information on the combination with VisionWave that it announced yesterday, specifying that the imaging technology that VisionWave will acquire from GBT Technologies will primarily seek out applications in military combat scenarios and geological surveys. PR: Grove Collaborative (NYSE:GROV), which combined with Virgin Group II in June...

by Nicholas Alan Clayton on 2024-03-28 at 7:47am

At the SPAC of Dawn Fed Chair Jerome Powell has given new hints that the administration would be showing greater levels of comfort with inflation if a cut could help improve unemployment numbers. Those numbers could get an update today at 8:30 am ET to bring new jobless claims as well as final prices for...

by Nicholas Alan Clayton on 2024-03-27 at 1:31pm

News and Rumors CNBC: Former WeWork (OTC Pink:WEWKQ) founder Adam Neumann has offered to buy back control of the company for $500 million but has yet to secure the necessary financing. WeWork went public with BowX in October 2021. PR: Satellite telecom firm Spire Global (NYSE:SPIR) has signed an agreement to build and launch two...

by Nicholas Alan Clayton on 2024-03-27 at 11:38am

Bannix (NASDAQ:BNIX) has entered into a definitive agreement to combine with VisionWave Technologies for $30 million. The combined company is expected to trade on the Nasdaq once the deal is completed with an initial outside date of September 14. Transaction Overview Bannix has about $17 million in its trust after seeing 77.4% of its shares...

by Nicholas Alan Clayton on 2024-03-27 at 7:33am

At the SPAC of Dawn Much of the attention yesterday was on tracking the swings of the newly-completed Trump Media (NASDAQ:DJT) deal with the FT going as far to suggest it may “make SPACs great again.” Not all of the day’s data points were on the positive side of the ledger, however. IB Acquisition Corp....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved